Why is XRP Price Going Down Today?

The post Why is XRP Price Going Down Today? appeared first on Coinpedia Fintech News While most of the top cryptocurrencies, Bitcoin included, seemed to be staging a recovery and returning to the green, XRP price slipped into the red zone. It dropped to 2.28 when Ripple Labs has just announced a major partnership deal with Guggenheim Partners. With the sentiment in the markets seemingly improving, this unexpected sudden drop is leaving many traders caviling. From a technical perspective, however, there is still some good news for XRP’s holders, as they believe it is currently capped above $2.25, which is a crucial Fibonacci retracement level and an important support area. XRP historically tends to rebound from this region—proof that markets do tend to behave in a recurrent manner. For the time being, this zone is likely to act as a buffer for the token. On-chain activity is starting to pick up as well. Supporters are particularly focused on June 16, a date that has become synonymous with possible resolutions in the Ripple vs SEC saga. Quite a number of people seem to believe that a favorable outcome could serve as a very strong catalyst for XRP’s next move. XRP Price Prediction: What’s Next? From a technical point of view, XRP is trying to recover from a key support zone in the range of $2.10 and $2.25. Immediate resistance levels are marked at $2.34 and $2.44, with stronger resistance near $2.60. Other traders are looking for a possible double bottom pattern forming on the charts, which would be a bullish pattern if confirmed in the On shorter timeframes, particularly the 8-hour chart, XRP is showing signs of a bullish divergence. While the price has slipped, momentum indicators like the RSI are quietly trending higher, suggesting a possible price bounce in the near term. However, one wildcard could shake things up — the upcoming U.S. CPI inflation data set to be released within the next 24 hours. Depending on how those numbers land, short-term market sentiment across crypto, including XRP, could shift quickly.

Source: coinpedia